Tax Tip Thursdays with The Mad Accountant on 105.5 HITS FM
We are on the radio every Thursday morning at 8:10, with Morning Den host Dan Pollard, giving YOU our latest tax tips. You can listen to highlights and full episodes below, and even engage in discussion with us using the blog posts at the bottom of the page. Hear something you like? Please don’t hesitate to give us a call.
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TTT: 2024 Tax Review Season
It's time for the 2024 Tax Review season to begin! The dreaded brown envelopes from the CRA have started pouring in, and that means it's time for me to start reminding people to actually open and read all their mail. If you don't respond to these notices, it could cost you THOUSANDS!
TTT: Paying Your Kids
Small businesses are excellent ways to write off various expenses so you don't have to pay taxes on them. One very popular method of doing this is by hiring your kids to work for your business. This is great for you and for them, and can be very lucrative for everyone involved. BUT, just because they are your kids does NOT mean you and they are exempt from tax and labour laws!
TTT: Capital Gains Rising
The current federal government has introduced a new, much higher Capital Gains tax system that they say is meant to target the wealthy. While it may impact them, it could also impact a lot of other people, too. It takes effect next month; are you ready?
TTT: Mortgage Expenses
How much room do you have in your monthly budget? Do you think you could handle a 50% increase in your mortgage payment? You know, if that $1,600 monthly expense turned into $2,400? This is a reality that many people will be facing this year as their mortgages come up for renewal. Are you ready?
TTT: Home Office & Automobile Expenses
There are lots of things you can deduct from your taxes, and your Home & Automobile expenses are some of the big ones, especially if you are self-employed! However, the CRA looks at these very closely and audits them often. So make sure you do it right, otherwise you could be in for a nasty surprise!
TTT: RRSP Over Contributions
RRSP, RESP, TFSA, FHSA... The acronyms add up. And so do the contributions! Each account has different limits and different rules about what happens if you add more money than you're supposed to. The penalties often add up quickly, so it's very important to stay on top of them!
TTT: Some Bookkeeping Tips
Running your own business can be very rewarding and very lucrative. But there's a lot that goes into it, and bookkeeping is one of the biggest challenges that small business owners face. Check out this week's post for some bookkeeping tips that will help keep you on track for a good year!
TTT: TFSA Over Contribution
TFSAs and RRSPs are wonderful things. They can save you thousands of dollars in taxes if you use them, and everybody should take advantage of them! But did you know that there are steep penalties to pay if you abuse them? Even if it's unintentional, the CRA does not take kindly to people who over contribute to these accounts.